PM Daily Market Commentary - 10/28/2013

Gold closed up +0.30 to 1352.80 on moderate volume, and silver closed down -0.09 to 22.50 on light volume. The gold/silver ratio rose +0.25 to 60.12. Gold scored a new high at 1361.80 but was unable to hold the high, printing a doji by end of day. Momentum for PM seems to be waning, and gold's doji signals a possible reversal. Gold/silver ratio has been moving up of late, which adds to this picture.

The buck was up +0.13 [+0.16%] to 79.39. That dollar reversal is looking more possible. A close above 79.50 would start the ball rolling.

GDX made another high today, but like gold, couldn't hold it, and closed up +0.84%, on light volume. GDXJ was down -0.89% on moderate volume.

While the bullish picture is deteriorating a bit, the relatively light-to-moderate volume all around says we shouldn't put too much emphasis on today's events. If this same price action had occurred on heavy volume, it would be a different picture.